Math indeed. Look at the formula
Number of shares of common stock to be issued per preferred share equals the common OS times 5 2/3 divided by the OS of the preferred.
As the common OS rises and the OS of the prefs fall the number of shares of common stock that each preferred share of stock can be converted into goes UP...quickly....and I gave an example.
"For example, if 20,000 shares of prefs are converted at the 5759 common shares per share of preferred s happens...that will INCREASE the next conversion to 17,000 common shares per Pref."
...and it only gets worse from there.